The Scarborough Building Society has successfully completed its acquisition of former Portman Building Society offshore deposit taking business Portman Channel Islands Limited.
The former Portman business, which has a geographically diverse deposit book of around GBP600 million and approximately 6,000 customers, will now be known as Scarborough Channel Islands Limited (SCIL).
Announcing the closing of the deal, Scarborough chief executive John Carrier spoke of the company’s intentions to expand and further develop the Guernsey-based business. Future plans for SCIL include using a blend of competitive pricing, product innovation and the development of new markets, he revealed.
Scarborough also confirmed that SCIL’s existing management team and staff will continue in their current roles. In addition, Robin Litten, Scarborough’s finance director, and Andrew Holmes, operations director & secretary, will replace the two Portman directors on the SCIL board as non-executive directors.
I am delighted to announce the successful completion of our acquisition of our new offshore company SCIL, Mr Carrier stated. The acquisition adds a significant additional strand to our already diverse business model and will further enhance the success and profitability of our group, which will benefit customers and members alike.